A recent study revealed and confirmed that renting in Manhattan is prohibitively expensive and the worst in a wide range of criteria. Forbes looked at some of the biggest areas in the country and ranked them based on vacancy rate, average monthly rate and the year-over-year change in figures.
According to New York Curbed, Manhattan has an average monthly rent of $4,374, and this figure is significantly higher compared with any other city on the list. Despite high rent numbers, the vacancy rate in the area is extremely low.
However, one of the good things about the housing market in Manhattan is that prizes have stabilized as rents just rose just about 5.6 percent year over year. Although Oakland has only a median rent of $1,998, this amount rises at a breakneck 10.2 percent year over year.
Hessam Nadji, CEO of Marcus & Millichap, the Calabasas, Calif.-based commercial real estate brokerage firm, said that despite this fact, many young people still would want to live in these areas because they want to live around job sources, and this is also the reason why many landlords increase rent prices. Aside from Manhattan and Oakland, other cities in the Bay Area like San Francisco and San Jose belong in the top five worst places to rent in the country. Northern New Jersey, on the other, hand snagged the number eight spot with an average monthly rent of nearly $2,000.
With that information on hand, where are the best places for renters? Reports say that it may be best to move away from the coasts. Topping the places best for renters is Indianapolis, with an average monthly rent of $786. Following close is Louisville, with an average rent of $779 which has remained stable over the past few years. Other cities like Las Vegas, Kansas and Phoenix also made it on the list.
